Florida Agency Network boasts its very own network of eNotaries that are all title professionals to handle your RON eClosing. With our network on your side, let's dispel some of the common myths surrounding eClosings:
With FAN’s title professionals ensuring you have a smooth and thorough closing, you can’t beat the convenience and safety of a RON eClosing, especially when FAN agents are available to communicate and troubleshoot your closing at every step of the way.
Be sure to download the PDF dispelling the RON eClosing Myths and share them with your clients.
For questions about eClosings and requirements, please contact your title professional or visit FANeClose.com.
It's that time of year again - homestead exemptions are due! If your clients took possession of their homes before December 31st, they are eligible for homestead exemption for this tax year.
We've put together a homestead guide so you can help your clients understand what homestead is, who qualifies for it, what's required to file, and how they can file for homestead exemption.
What is Homestead Exemption?
The Florida Homestead Exemption is an exemption that reduces the taxable value of your home by as much as $50,000, within certain value limits.
Who Qualifies for Homestead Exemption?
The property you want to claim the exemption for must be your permanent residence OR the permanent residence of someone you can claim as a dependent on your taxes.
You must have lived at the property on or before a specified date of the tax year in question. To claim the homestead exemption on your 2020 taxes, you must have lived at the property in question by 12/31/2020.
You cannot have rented the property for more than 30 days in a given calendar year. Renting the property for more than 30 days for two consecutive years or for more than six months is considered an abandonment of the Florida homestead exemption.
What is Required When Filing for Homestead Exemption?
Each county has different required documents, but it's safe to have the following readily available when filing for homestead exemption.
FL Drivers license or State issued I.D. Card
Vehicle Registration - at least one of your vehicles must be registered in the state of Florida at the property address in an application.
If registered to vote, your voter registration with Voter ID# and issue date.
At FAN, we also want to give gratitude to every customer of ours for all that you do to make the FAN community what it is and to all those who have given us invaluable feedback on our newest programs, such as Remote Online Notarization, our Fan Agent One App, and Alanna - your new virtual assistant.
And, since we’re in the thanking mood, we have a special thank you to everyone that reads our blogs, too, so if you’re reading this message, simply put – thank YOU.
We've created a downloadable PDF version of our list of ways to show your gratitude.
It’s October, season of carving pumpkins and munching on candy corn. However, there’s something lurking just around the corner or hiding in the front yard creeping up on your customer, and if your customers are not careful – these monsters can jump out and KILL YOUR NEXT DEAL!
To help ensure your customers don’t unwittingly cast themselves as the victims in their own horror movie this season, check out the tips below on some of the biggest KILLERS of a real estate transaction!
Don't Spend Like a PSYCHO!
After signing the contract for their new home, but before closing, some customers just get into a spending mood! It may be tempting to use a new line of credit to fill the new house with furniture or purchase a shiny new SUV for the driveway, but these transactions can QUICKLY change your lender’s opinion about your credit-worthiness and cause your deal to go down the drain!
Avoid the Home of FRANKENSTEIN.
Some homes look great on the outside and even through the buying process, only for the future homeowners to find out the home has not been properly upgraded throughout the years and is, instead, a mishmash of a lot of parts like Frankenstein’s monster. That home may not pass inspection, and when that happens, the sale is gone. Don’t let your buyers be sad. It’s a good thing to keep their family safe from plumbing, foundation, or electrical issues... as Frankie says – FIRE BAD.
Steer Clear of the INVISIBLE ZOMBIE.
A surprisingly common issue when someone is selling their home is that their legal spouse has gone as invisible as Claude Raine. When people move away from each other without filing the correct legal documents, they may forget that technically BOTH parties still own the home, and there’s been instances where the former spouse cannot be found in time – bringing the closing to a screeching halt.
Don't Let Liens Drain You Like DRACULA.
Imagine getting excited about your new home, only to find the solar panels that you thought were a nice addition come with a $20,000 lien on the property. Just like Dracula – that sucks! Make sure you ask your title company for a comprehensive title search so that these kinds of liens don’t suck the life out of your customers' bank accounts!
As you can see, it may seem like there’s danger lurking around every corner, but with a little bit of preparation - and choosing a title company backed with the power of Florida Agency Network - you can help your customers avoid turning their experience into a horror film!
At Florida Agency Network, we are always looking to improve communication between all parties during the closing process. Traditionally, this has been via phone or email, which limits the response time of receiving information and updates.
Alanna is available 24/7 to answer all your closing-related questions such as:
When is my closing?
How can I get my deposit to you?
What do I need to bring to closing?
What's the status of my file?
In need of a little laughter? You can even ask Alanna to tell you a joke!
Not sure how to get started with Alanna? As soon as your transaction starts, Alanna will reach out via text to give you an update. From there, ask any questions, day or night, to get immediate answers. If you accidentally delete the text message, visit any of our title brands' homepages and start a web chat at the bottom right-hand corner to contact Alanna. Or, you can text Alanna directly at 813-710-4126.
Have you heard about Alanna, Florida Agency Network's new virtual assistant?
She helps answer all your closing questions day or night, right from your text messages. The service is free to all our clients when they close with any of the offices in The Network.
You're doing it. You're buying a house! Since the process can be overwhelming and confusing, we've simplified it in the best way possible. What better way to explain each step than to use GIFs from one of our favorite TV shows, The Office?
1. The Contract is Signed & Sent to the Title Insurance Agency
Congrats on finding "The One!" At this point, your real estate agent has drafted your official contract, and the title insurance agency is starting the closing process. You're on your way to owning a new home!
Think of your earnest money deposit, or EMD, as a "good faith" deposit. It shows the listing agent and seller how serious you are about the home and getting the transaction closed. The dollar amount of your EMD is stated in your contract when it's signed. Be sure to discuss what you're comfortable putting upfront with your real estate agent. Depending on how much you agree on, it can seem like an expensive upfront cost. Your real estate agent is an expert and can advise you on the amount of money they think you should send. Take comfort in knowing the EMD will be held in your escrow account and used towards closing costs or the down payment.
Your title insurance agent will order a title search to ensure the title to your property is clear of any liens, back taxes, or other claims. To get a thorough search completed, ask your agent to request the title insurance company conduct a municipal lien search, permit search, and code enforcement search. With Florida Agency Network's offices, we offer this to each buyer via the buyer's agent.
Shortly after your offer is accepted and sent in, your agent will discuss scheduling a home inspection. You'll need to complete the home inspection quickly. Doing so will allow as much additional time possible for any follow-up inspection.
You're one step closer to closing on your home! The title commitment tells a buyer they're able to obtain a title insurance policy with that agent. The commitment contains the terms, conditions, and exclusions that will be in the owner's title insurance policy.
The home appraisal should come back at or above the contract price. The appraisal protects a buyer from paying more than the home is worth. If your home appraisal is lower than the purchase price, don't worry! Discuss your options with your real estate agent.
You'll begin to see the light at the end of the tunnel once you and your agent receive the clear to close. "Clear to Close" means the underwriter has signed-off on all documents and issued final approval on your closing.
Once your closing date is scheduled, don't forget to double-check for the required documents, identification, and time deadlines. The last thing you want is to forget to bring an item or sign an eDoc and have to reschedule your closing.
The final walkthrough is your opportunity to do one last visual inspection to make sure everything is in order. At this point, your closing starts moving much faster, and the finish line is right ahead!
We hope you're ready to sign, sign, and sign some more! While it may be exhausting and overwhelming, don't be afraid to pause and ask questions. At the closing table, your title closer and real estate agent are available to answer any questions you may have. Don't forget, this is your moment, and you can go as quickly or slowly as you prefer. You're allowed to get ice cream afterward, too!
You may or may not receive the keys to your new home at the closing table. In order to get those, the funds have to be wired to the seller. However, once they are received and confirmed, you have a new home!
You're officially the owner of a new home, and we think that is Perfectenschlag!
You’ve just bought a house. You and your spouse are enjoying your new home, your new neighborhood, and your new back yard. In fact, you’re out back sipping coffee one morning when you open a letter from your city and find that you now owe $34,000 in code violations. The previous owner let the lawn grow too tall and didn’t fix it for months.
This sounds like a horror story, and it is! But, it’s also a true story! This is one of the many dangers in not getting a municipal lien search – an additional search that must be requested.
That’s why Florida Agency Network offers a wide variety of additional comprehensive searches that go above and beyond the typical lien and title searches required by law.
Here are some of our additional searches and the value they hold:
This search allows us to find liens from the local city or town that may be placed for various reasons, such as unpaid taxes, water, or sewer charges. These can come back to the new owners, as the lien is on the property not the person who owned the property.
This is a national database that tracks mortgage servicers to ensure interests in loans for residential real estate. This ensures that the mortgages have been moved properly and your current servicer is the correct one.
When an owner has open or expired permits left on the home, they can cause trouble for the new owners – especially if they want to do some work that requires a permit. It’s important to get these items resolved before closing.
CODE & CODE ENFORCEMENT SEARCHES
Code violations are the responsibility of the homeowner, regardless of when the violation happened. This means tall grass, pest extermination, or other code violations can come back to cost the new owner.
These are just some of the ways that not doing a comprehensive search for your customers can come back and cost them. Your Florida Agency Network agency is ready to help! To share this information with others, we have a downloadable PDF.
Surveys, also called boundary or land surveys, map out your real estate property, show its boundary lines, improvements made to the property, and all access to the property.
FIVE GREAT REASONS TO PURCHASE A SURVEY
1. UNDISCLOSED RIGHTS AND EASEMENTS
You may own your new home and its surrounding land, but someone else might have a right to use a portion of your property. A survey will show physical evidence of the rights of others to use your property for access, parking, utilities, and other situations.
2. UNDISCOVERED ENCROACHMENTS
A survey may be the only way to tell if a third party holds a claim to part of your property because their improvements, such as a garage, fence, or swimming pool, are on your land.
3. IS THE PROPERTY BUILT ON THE CORRECT LOT
It may seem impossible, but sometimes a house is built on the wrong lot. A survey provides peace of mind by showing the exact location of the house you are buying.
4. KNOWING THE SIZE OF YOUR PROPERTY
A survey shows the exact dimensions of the property’s boundary lines and how much land is included within those lines.
5. FUTURE ADDITIONS
Many residential plotted lots can have building restrictions, which could prohibit you from building close to the boundary lines. If you are thinking of building future additions on your property, a survey can help determine if the lot is right for both your current and future plans.
These are a few reasons why you should purchase a survey when making one of the largest investments in your life. We've created a downloadable PDF of this information for you to keep or share.
At Tampa Bay Title, we are always available to answer questions about your survey or your closing. Feel free to contact our office with any further questions you may have.